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Can I refinance a used car loan?

I financed a certified pre-owned Buick Encore two years ago, but now interest rates have dropped. Can I refinance a used car loan?

Eric Schad · Updated on Oct 25, 2021

Reviewed by Shannon Martin, Licensed Insurance Agent.

You can certainly

refinance your car loan

, even if it’s on a used car!

However, your car has to meet two common specifications required by most lenders:

The car must be less than 10 years old

The car must have less than 100,000 miles

If your Encore meets both of these specifications, you shouldn’t have any problem refinancing your car loan.

To refinance your Encore, start by shopping around for rates. Once you’ve found the best rate or most reputable company for your needs, apply. To streamline the process, have the following documents handy:

Proof of income

Proof of identity

Vehicle information

Current loan information

Banking information

You will also need proof of insurance to process the loan. So when you’re refinancing, shopping for new car insurance is a smart move. With the

app, you can compare quotes from up to 50 top car insurance providers so you always get the best rates possible for your car insurance needs.

More:

Does refinancing a car hurt your credit score?

View full answer

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Jerry partners with more than 50 insurance companies, but our content is independently researched, written, and fact-checked by our team of editors and agents. We aren’t paid for reviews or other content.

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